Correlation Between Guangdong Marubi and Jonjee Hi-tech
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By analyzing existing cross correlation between Guangdong Marubi Biotechnology and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Guangdong Marubi and Jonjee Hi-tech and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Guangdong Marubi with a short position of Jonjee Hi-tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Marubi and Jonjee Hi-tech.
Diversification Opportunities for Guangdong Marubi and Jonjee Hi-tech
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Guangdong and Jonjee is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Marubi Biotechnology and Jonjee Hi tech Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jonjee Hi tech and Guangdong Marubi is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Guangdong Marubi Biotechnology are associated (or correlated) with Jonjee Hi-tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jonjee Hi tech has no effect on the direction of Guangdong Marubi i.e., Guangdong Marubi and Jonjee Hi-tech go up and down completely randomly.
Pair Corralation between Guangdong Marubi and Jonjee Hi-tech
Assuming the 90 days trading horizon Guangdong Marubi Biotechnology is expected to generate 1.15 times more return on investment than Jonjee Hi-tech. However, Guangdong Marubi is 1.15 times more volatile than Jonjee Hi tech Industrial. It trades about -0.01 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about -0.05 per unit of risk. If you would invest 3,886 in Guangdong Marubi Biotechnology on November 19, 2024 and sell it today you would lose (773.00) from holding Guangdong Marubi Biotechnology or give up 19.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Marubi Biotechnology vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Guangdong Marubi Bio |
| Jonjee Hi tech |
Guangdong Marubi and Jonjee Hi-tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Marubi and Jonjee Hi-tech
The main advantage of trading using opposite Guangdong Marubi and Jonjee Hi-tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Marubi position performs unexpectedly, Jonjee Hi-tech can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Jonjee Hi-tech will offset losses from the drop in Jonjee Hi-tech's long position.| Guangdong Marubi vs. V V Food | Guangdong Marubi vs. Great Sun Foods Co | Guangdong Marubi vs. iSoftStone Information Technology | Guangdong Marubi vs. Olympic Circuit Technology |
| Jonjee Hi-tech vs. Kuang Chi Technologies | Jonjee Hi-tech vs. Beijing Mainstreets Investment | Jonjee Hi-tech vs. Xiamen Insight Investment | Jonjee Hi-tech vs. Eyebright Medical Technology |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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